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The value of global military spending has been increasing for the past seven years to reach $2.24 trillion in 2022. IBT Graphics The United States has spent more on its military than the next 10 leading world economies, including China, Russia, India, Saudi Arabia, and the United Kingdom, combined, the latest data on global military expenditure compiled by the Stockholm International Peace Research Institute (SIPRI) revealed. With $877 billion dedicated to national defense, the U.S. led the list of countries with the highest military spending in 2022. The spending amounted to 3.5% of the U.S. GDP (Gross Domestic Product), and nearly 40% of the global military spending last year. There was an increase of $71 billion from 2021 to 2022 in the U.S.’s military spending. China’s military budget also rose by 4% in another annual increase for the country. Russia boosted its spending by 9% to $86 billion last year. At the same time, Ukraine increased its military spending by a whopping 640% to $44 billion, moving from the 36th position to 11th on the list of top expenditures.
The value of global military spending has been increasing for the past seven years to reach $2.24 trillion in 2022, a 3.7% rise from 2021. Meanwhile, the world spent around $2.1 trillion on militaries for the first time in 2021, according to SIPRI.
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